COLUMBUS, Ohio, Sept. 28, 2020 /PRNewswire/ -- American Electric Power (NYSE: AEP) today announced that it will accelerate its electric vehicle purchases with the goal of replacing 100% of its 2,300 cars and light-duty trucks with EV alternatives by 2030. AEP's total fleet is composed of nearly 8,000 vehicles, including medium- and heavy- duty vehicles. By converting medium- and heavy-duty vehicles as electric or hybrid models become available, AEP will achieve its goal of electrifying 40% of its entire on-road vehicle fleet in less than 10 years.

"AEP has made great progress in reducing the carbon dioxide output of our power generation fleet, cutting emissions by 65% since 2000 and setting a goal to achieve a more than an 80% reduction, and aspiring to be net-zero, by 2050," said Nicholas K. Akins, AEP chairman, president and chief executive officer. "Through our commitment to transitioning to electric vehicles, we will cut tailpipe emissions, reduce operating costs, and encourage other companies that rely on large vehicle fleets to switch to battery or hybrid vehicles."

AEP estimates that it will avoid using more than 10 million gallons of fuel, amounting to a $40 million savings in fuel costs over the life of the vehicles.

Transitioning light-duty vehicles to EVs has been part of AEP's fleet strategy and will now become the standard across its subsidiaries. AEP will begin to transition medium- and heavy-duty vehicles, as well as off-road equipment, as electric and hybrid alternatives become available. In addition, AEP will electrify 50% of its forklifts by 2030.

Encouraging the Switch to EVs

AEP's fleet currently consists of 85 EVs, and employees are able to utilize more than 230 charging ports installed at locations throughout its 11-state service territory.

AEP is also working with customers and communities to share the benefits of electric transportation and support EV adoption. The company has created programs, such as incentives for charging station installations, off-peak charging programs, energy efficiency rebates, and consultative services to encourage electrification.

For example, AEP Ohio is deploying 375 charging stations in partnership with local governments, workplaces, multi-family dwellings, and low-income areas to increase publicly-available charging sites and demonstrate the benefit of public-private partnerships.  Indiana Michigan Power customers can participate in rebate programs that reduce EV charging infrastructure costs and use EV-specific off-peak rates to reduce their charging costs.  Residential customers of Appalachian Power Company in Virginia can also take advantage of EV-specific off-peak charging rates.  Residential customers of Public Service Company of Oklahoma and Southwestern Electric Power Company in Louisiana and Texas are eligible for energy efficiency rebates on qualified EV chargers.  AEP subsidiaries continue to develop and deploy programs to optimize the electric grid and bring the benefits of electric transportation to all customers.

In addition, AEP has partnered with ChargePoint™ to offer tailored evaluations for commercial and industrial customers considering electrifying their fleets. This partnership offers customers the opportunity to learn about available incentives, the latest in charging technologies, and how to ensure that the local utility grid is utilized efficiently. Fleet electrification offers many advantages, but requires companies to evaluate their site, their local electric facilities and navigate a wide array of charging equipment options. This partnership helps streamline the information gathering and decision-making process for businesses interested in switching their fleets to EVs.

Customers can learn more about AEP's sustainability plan by visiting AEPsustainability.com.

American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers. AEP's approximately 17,400 employees operate and maintain the nation's largest electricity transmission system and more than 221,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.5 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with more than 30,000 megawatts of diverse generating capacity, including approximately 5,300 megawatts of renewable energy. AEP's family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners, and AEP Renewables, which provide innovative competitive energy solutions nationwide. For more information, visit aep.com.

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SOURCE American Electric Power

COLUMBUS, Ohio, Sept. 28, 2020 /PRNewswire/ -- American Electric Power (NYSE: AEP) has promoted Daniel L. Snider to vice president, Enterprise NERC Compliance, effective Sept. 28. Snider has been AEP's managing director, Enterprise NERC Compliance since 2010. 

Snider, 56, has responsibility for strategic leadership and implementation of AEP's Corporate NERC Compliance program including compliance oversight, compliance management, engagement and outreach, strategic initiatives and business unit assurance. AEP's Enterprise NERC Compliance team provides strategic compliance leadership for AEP's 11 utility subsidiaries and its other regulated and competitive business units. Snider will continue reporting to Charles Patton, AEP's executive vice president, External Affairs.

"Dan has established himself as a leader at AEP and the industry by successfully advocating for and implementing a compliance program designed to protect and ensure reliable operation of the critical electric infrastructure that we own and operate. AEP operates the largest transmission system in the United States and is a member of four regional transmission organizations (RTOs). As national and regional compliance requirements for critical infrastructure continue to increase and become more complex, Dan's promotion recognizes the essential need for a robust compliance program and puts in place a single compliance structure to ensure that program continues to be as effective as possible," Patton said.

Snider has more than 33 years of experience at AEP including leadership roles in Regional Transmission Organization Policy, Transmission Interconnection Services and Regulatory Issues Management. He's also had leadership roles in regulatory, marketing, asset management, and customer and distribution services throughout his career.

Snider earned a bachelor's degree in Business Administration and a master's degree in Interpersonal/Organizational Communication from Ohio University in Athens, Ohio. He also completed the Ohio State Executive Leadership Program and the University of Virginia Darden Executive Leadership Program.

American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers. AEP's approximately 17,400 employees operate and maintain the nation's largest electricity transmission system and more than 221,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.5 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with more than 30,000 megawatts of diverse generating capacity, including approximately 5,300 megawatts of renewable energy. AEP's family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners, and AEP Renewables, which provide innovative competitive energy solutions nationwide. For more information, visit aep.com.

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SOURCE American Electric Power

COLUMBUS, Ohio, Sept. 16, 2020 /PRNewswire/ -- American Electric Power Company (NYSE: AEP) today announced it will transfer the securities exchange listing of its two series of 6.125% Corporate Units from the New York Stock Exchange (NYSE) to The Nasdaq Stock Market effective as of the open of trading on Thursday, Oct. 1. The last day of trading on NYSE will be Wednesday, Sept. 30. AEP's Corporate Units have been approved for listing on Nasdaq. Upon transfer, Corporate Units AEP PR B and AEP PR C will trade under the new ticker symbols AEPPL and AEPPZ, respectively.

American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers. AEP's approximately 17,400 employees operate and maintain the nation's largest electricity transmission system and more than 221,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.5 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with more than 30,000 megawatts of diverse generating capacity, including approximately 5,300 megawatts of renewable energy. AEP's family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners, and AEP Renewables, which provide innovative competitive energy solutions nationwide. For more information, visit aep.com.

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SOURCE American Electric Power

COLUMBUS, Ohio, Sept.15, 2020 /PRNewswire/ -- American Electric Power Company (NYSE: AEP) today announced it will transfer its stock exchange listing from the New York Stock Exchange (NYSE) to the Nasdaq Global Select Market, effective opening bell on Thursday, Oct. 1. The last day of trading on the NYSE will be Wednesday, Sept. 30. AEP's stock will continue to trade under the ticker symbol "AEP".

"As AEP transitions to a cleaner energy future, we're harnessing the power of technology to create new solutions for our customers, while bringing value to our shareholders," said Nicholas K. Akins, AEP chairman, president and chief executive officer. "Nasdaq's tradition of innovation aligns well with our company's strategic goals, and we look forward to seeing the 'AEP' symbol traded among some of the most inventive and forward-thinking companies in the world."

American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers. AEP's approximately 17,400 employees operate and maintain the nation's largest electricity transmission system and more than 221,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.5 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with more than 30,000 megawatts of diverse generating capacity, including approximately 5,300 megawatts of renewable energy. AEP's family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners, and AEP Renewables, which provide innovative competitive energy solutions nationwide. For more information, visit aep.com.

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SOURCE American Electric Power

COLUMBUS, Ohio, Sept. 10, 2020 /PRNewswire/ -- Site Selection magazine has named American Electric Power (NYSE: AEP) one of the nation's Top Utilities in Economic Development.

Every year, Site Selection evaluates utilities' corporate project investment and job creation on a cumulative and per-capita basis. AEP is one of 20 companies to receive the recognition.

"We're thrilled to be recognized once again by Site Selection for bringing growth and valuable jobs to our service territory," said Mark James, vice president of Sales, Economic and Business Development. "Our economic development programs are a reflection of AEP's commitment to delivering more than energy to our customers. We'll continue to work with businesses to meet their strategic goals, while also partnering with our communities to create new economic opportunities."

In 2019, AEP's economic and business development team helped attract more than $4.1 billion in capital investments and 8,636 jobs in the company's 11-state territory. In addition to the team's 89 expansion or new location projects, highlights of AEP's work in 2019 include:

• Continued investment in its shovel-ready Quality Sites inventory
• Availability of economic development rider incentive rates in nine AEP states
• Expansion of certified AEROready™ counties within its service territory to more than 30 to attract the aviation and aerospace industries
• Creation of the West Virginia Advantage Plan, which allocates $3.4 million for site readiness projects, small business training and other economic development strategies to support and revitalize the company's Appalachian service territory

Learn more about AEP's economic development initiatives.

American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers. AEP's approximately 17,400 employees operate and maintain the nation's largest electricity transmission system and more than 221,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.5 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with more than 30,000 megawatts of diverse generating capacity, including approximately 5,300 megawatts of renewable energy. AEP's family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners, and AEP Renewables, which provide innovative competitive energy solutions nationwide. For more information, visit aep.com.

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SOURCE American Electric Power

COLUMBUS, Ohio, Aug. 18, 2020 /PRNewswire/ -- American Electric Power's (NYSE: AEP) competitive renewable energy subsidiary, AEP Renewables, has completed the purchase of Invenergy's 20.1% interest in the Desert Sky and Trent Mesa wind facilities in Texas. AEP Renewables and Invenergy have jointly owned the facilities since 2018. The terms of the transaction are not being disclosed for competitive reasons.

AEP Renewables now owns the full capacity of the 170 MW Desert Sky facility located near Iraan, Texas, and the 156 MW Trent Mesa facility, located between Abilene and Sweetwater in west Texas. Both facilities were built in the early 2000s and repowered in 2018.

"AEP Renewables is focused on developing and operating renewable generation facilities to help meet the long-term, clean energy goals of utilities, electric cooperatives, municipalities and corporate customers. With the full capacity of Trent Mesa and Desert Sky, AEP Renewables can better support the increasing demands of its expanding renewable customer base," said Greg Hall, president, AEP Renewables.

AEP Renewables also is in the construction phase of building the 128 MW Flat Ridge 3 wind facility in Kingman County, Kansas. When complete, Flat Ridge 3 will increase AEP Renewables' clean energy portfolio to 1,495 MW.

AEP Renewables, with offices in Columbus, Ohio, and San Diego, is a wholly owned subsidiary of AEP. AEP Renewables currently owns and operates 1,367 megawatts of large-scale wind, solar and energy storage in 11 states and has an active development pipeline across the U.S. AEP Renewables sells renewable energy through long-term contracts with utilities, electric cooperatives, municipalities and corporate customers. For more information, visit www.aeprenewables.com.

American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers. AEP's approximately 17,400 employees operate and maintain the nation's largest electricity transmission system and nearly 221,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.5 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 30,000 megawatts of diverse generating capacity, including 5,200 megawatts of renewable energy. AEP's family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners and AEP Renewables, which provide innovative competitive energy solutions nationwide.

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SOURCE American Electric Power

COLUMBUS, Ohio, Aug. 11, 2020 /PRNewswire/ -- American Electric Power (NYSE: AEP) today announced that the company has priced its offering of 15 million equity units or $750 million stated amount. The transaction is expected to close Aug. 14, subject to customary closing conditions.

Each equity unit will be issued in a stated amount of $50 and will consist of a contract to purchase AEP common stock in 2023 and a 1/20 undivided beneficial ownership interest in an AEP junior subordinated debenture due 2025 to be issued in the principal amount of $1,000. Total annual distributions on the equity units will be at the rate of 6.125%, consisting of interest on the junior subordinated debentures and payments under the stock purchase contracts. The threshold appreciation price for the equity units is $99.95 per share, which represents a premium of approximately 20 percent over the reference price of $83.29. Under the purchase contract, holders will be required to purchase a variable number of shares of AEP stock no later than Aug. 15, 2023.

AEP has granted the underwriters an option to purchase up to 2 million additional equity units, or an additional aggregate stated amount of $100 million during the 13-day period beginning on, and including, the initial issuance date of the equity units.

AEP intends to use the net proceeds from the sale of the equity units, which are projected to be approximately $732 million (after deducting the underwriting discount and other offering expenses and without giving effect to the option described above), to help fund the company's overall capital expenditure plans, to repay debt or for other general corporate purposes. Other than this offering, there are no changes to AEP's existing financing plan.

J.P. Morgan Securities LLC and Mizuho Securities USA LLC are joint book-running managers for the offering.

The offering is made under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. The offer may be made only by means of a prospectus and the related prospectus supplement. Copies of these documents may be obtained by contacting J.P. Morgan Securities LLC by calling 1-866-803-9204, or by mail at J.P. Morgan Securities LLC c/o Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, NY 11717, or by email at prospectus-eq_fi@jpmchase.com; Mizuho Securities USA LLC by mail at Mizuho Securities USA LLC, Attention: Equity Syndicate Department, 1271 Avenue of the Americas, 3rd Floor, New York, NY 10020, Telephone: (866) 271-7403.

American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers. AEP's approximately 17,400 employees operate and maintain the nation's largest electricity transmission system and nearly 221,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.5 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 30,000 megawatts of diverse generating capacity, including 5,200 megawatts of renewable energy. AEP's family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners and AEP Renewables, which provide innovative competitive energy solutions nationwide.

This report made by American Electric Power contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Although AEP believes that its expectations are based on reasonable assumptions, any such statements may be influenced by factors that could cause actual outcomes and results to differ materially from those projected. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are: changes in economic conditions, electric market demand and demographic patterns in AEP service territories; the impact of pandemics, including COVID-19, and any associated disruption of AEP's business operations due to impacts on economic or market conditions, electricity usage, employees, customers, service providers, vendors and suppliers; inflationary or deflationary interest rate trends; volatility in the financial markets, particularly developments affecting the availability or cost of capital to finance new capital projects and refinance existing debt; the availability and cost of funds to finance working capital and capital needs, particularly during periods when the time lag between incurring costs and recovery is long and the costs are material; decreased demand for electricity; weather conditions, including storms and drought conditions, and the ability to recover significant storm restoration costs; the cost of fuel and its transportation, the creditworthiness and performance of fuel suppliers and transporters and the cost of storing and disposing of used fuel, including coal ash and spent nuclear fuel; the availability of fuel and necessary generation capacity and the performance of generation plants; the ability to recover fuel and other energy costs through regulated or competitive electric rates; the ability to build or acquire renewable generation, transmission lines and facilities (including the ability to obtain any necessary regulatory approvals and permits) when needed at acceptable prices and terms and to recover those costs; new legislation, litigation and government regulation, including oversight of nuclear generation, energy commodity trading and new or heightened requirements for reduced emissions of sulfur, nitrogen, mercury, carbon, soot or particulate matter and other substances that could impact the continued operation, cost recovery, and/or profitability of the generation plants and related assets; evolving public perception of the risks associated with fuels used before, during and after the generation of electricity, including coal ash and nuclear fuel; timing and resolution of pending and future rate cases, negotiations and other regulatory decisions, including rate or other recovery of new investments in generation, distribution and transmission service, environmental compliance; resolution of litigation; the ability to constrain operation and maintenance costs; prices and demand for power generated and sold at wholesale; changes in technology, particularly with respect to energy storage and new, developing, alternative or distributed sources of generation; the ability to recover through rates any remaining unrecovered investment in generation units that may be retired before the end of their previously projected useful lives; volatility and changes in markets for coal and other energy-related commodities, particularly changes in the price of natural gas; changes in utility regulation and the allocation of costs within regional transmission organizations, including ERCOT, PJM and SPP; changes in the creditworthiness of the counterparties with contractual arrangements, including participants in the energy trading market; actions of rating agencies, including changes in the ratings of debt; the impact of volatility in the capital markets on the value of the investments held by the pension, other postretirement benefit plans, captive insurance entity and nuclear decommissioning trust and the impact of such volatility on future funding requirements; accounting standards periodically issued by accounting standard-setting bodies; other risks and unforeseen events, including wars, the effects of terrorism (including increased security costs), embargoes, naturally occurring and human-caused fires, cyber security threats and other catastrophic events; and the ability to attract and retain the requisite work force and key personnel.

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SOURCE American Electric Power

COLUMBUS, Ohio, Aug. 11, 2020 /PRNewswire/ -- American Electric Power (NYSE: AEP) today announced that the company plans to sell approximately 15 million equity units or approximately $750 million stated amount.

Each equity unit will be issued in a stated amount of $50 and will consist of a contract to purchase AEP common stock in 2023 and a 1/20 undivided beneficial ownership interest in an AEP junior subordinated debenture due 2025 to be issued in the principal amount of $1,000. AEP expects to grant to the underwriters an option to purchase up to an additional 2 million equity units to cover over-allotments or approximately $100 million stated amount. 

AEP intends to use the net proceeds from the sale of the equity units, which are projected to be approximately $732 million (after deducting the underwriting discount and other offering expenses and without giving effect to the option described above), to help fund the company's overall capital expenditure plans, to repay debt or for other general corporate purposes. Other than this offering, there are no changes to AEP's existing financing plan.

J.P. Morgan Securities LLC and Mizuho Securities USA LLC will be joint book-running managers for the offering.

The offering will be made under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. The offer may be made only by means of a prospectus and the related prospectus supplement. Copies of these documents may be obtained by contacting J.P. Morgan Securities LLC by calling 1-866-803-9204, or by mail at J.P. Morgan Securities LLC c/o Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, NY 11717, or by email at prospectus-eq_fi@jpmchase.com; Mizuho Securities USA LLC by mail at Mizuho Securities USA LLC, Attention: Equity Syndicate Department, 1271 Avenue of the Americas, 3rd Floor, New York, NY 10020, Telephone: (866) 271-7403.

American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers. AEP's approximately 17,400 employees operate and maintain the nation's largest electricity transmission system and nearly 221,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.5 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 30,000 megawatts of diverse generating capacity, including 5,200 megawatts of renewable energy. AEP's family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners and AEP Renewables, which provide innovative competitive energy solutions nationwide.

This report made by American Electric Power contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Although AEP believes that its expectations are based on reasonable assumptions, any such statements may be influenced by factors that could cause actual outcomes and results to differ materially from those projected. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are: changes in economic conditions, electric market demand and demographic patterns in AEP service territories; the impact of pandemics, including COVID-19, and any associated disruption of AEP's business operations due to impacts on economic or market conditions, electricity usage, employees, customers, service providers, vendors and suppliers; inflationary or deflationary interest rate trends; volatility in the financial markets, particularly developments affecting the availability or cost of capital to finance new capital projects and refinance existing debt; the availability and cost of funds to finance working capital and capital needs, particularly during periods when the time lag between incurring costs and recovery is long and the costs are material; decreased demand for electricity; weather conditions, including storms and drought conditions, and the ability to recover significant storm restoration costs; the cost of fuel and its transportation, the creditworthiness and performance of fuel suppliers and transporters and the cost of storing and disposing of used fuel, including coal ash and spent nuclear fuel; the availability of fuel and necessary generation capacity and the performance of generation plants; the ability to recover fuel and other energy costs through regulated or competitive electric rates; the ability to build or acquire renewable generation, transmission lines and facilities (including the ability to obtain any necessary regulatory approvals and permits) when needed at acceptable prices and terms and to recover those costs; new legislation, litigation and government regulation, including oversight of nuclear generation, energy commodity trading and new or heightened requirements for reduced emissions of sulfur, nitrogen, mercury, carbon, soot or particulate matter and other substances that could impact the continued operation, cost recovery, and/or profitability of the generation plants and related assets; evolving public perception of the risks associated with fuels used before, during and after the generation of electricity, including coal ash and nuclear fuel; timing and resolution of pending and future rate cases, negotiations and other regulatory decisions, including rate or other recovery of new investments in generation, distribution and transmission service, environmental compliance; resolution of litigation; the ability to constrain operation and maintenance costs; prices and demand for power generated and sold at wholesale; changes in technology, particularly with respect to energy storage and new, developing, alternative or distributed sources of generation; the ability to recover through rates any remaining unrecovered investment in generation units that may be retired before the end of their previously projected useful lives; volatility and changes in markets for coal and other energy-related commodities, particularly changes in the price of natural gas; changes in utility regulation and the allocation of costs within regional transmission organizations, including ERCOT, PJM and SPP; changes in the creditworthiness of the counterparties with contractual arrangements, including participants in the energy trading market; actions of rating agencies, including changes in the ratings of debt; the impact of volatility in the capital markets on the value of the investments held by the pension, other postretirement benefit plans, captive insurance entity and nuclear decommissioning trust and the impact of such volatility on future funding requirements; accounting standards periodically issued by accounting standard-setting bodies; other risks and unforeseen events, including wars, the effects of terrorism (including increased security costs), embargoes, naturally occurring and human-caused fires, cyber security threats and other catastrophic events; and the ability to attract and retain the requisite work force and key personnel.   

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SOURCE American Electric Power

COLUMBUS, Ohio, Aug. 6, 2020 /PRNewswire/ --

American Electric Power (NYSE: AEP) today reported second-quarter 2020 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $521 million or $1.05 per share, compared with GAAP earnings of $461 million or $0.93 per share in second-quarter 2019. Operating earnings for second-quarter 2020 were $534 million or $1.08 per share, compared with operating earnings of $494 million or $1.00 per share in second-quarter 2019. Operating earnings is a non-GAAP measure representing GAAP earnings excluding special items. The difference between 2020 GAAP earnings and operating earnings for the quarter was primarily driven by the impacts of COVID-19 and the Achieving Excellence cost savings and efficiency program.

A full reconciliation of GAAP earnings to operating earnings for the quarter and year-to-date is included in the tables at the end of this news release.

"Our employees have done an amazing job protecting themselves and our customers over the past five months as we've kept power flowing, responded to storms and adjusted to a new normal of nearly 12,000 employees working remotely. In the last few months, we've focused on outreach to our customers, providing resources and payment options to help them manage the economic impacts of the pandemic," said Nicholas K. Akins, AEP chairman, president and chief executive officer.

"While adjusting to the challenges of the pandemic, we still made significant progress on our long-term strategy to diversify our generation mix in the second quarter. We received all necessary approvals to move forward with the $2 billion North Central wind projects that will provide renewable energy for our customers in Arkansas, Louisiana and Oklahoma. Additionally, we retired the last generating unit at our coal-fueled Conesville Plant in Ohio.

"We've continued to review our load projections based on the economic impacts of the pandemic. The overall load declines we experienced in the second quarter were consistent with our expectations, and we've seen gradual improvements in load growth since May. If the ongoing impacts of the pandemic don't necessitate closing non-essential businesses again, we expect gradual economic recovery to continue throughout the second half of this year," Akins said.

"The 2020 operations and maintenance spending cuts we announced in May are on target, and we remain focused on achieving longer term efficiencies through our Achieving Excellence Program. We are reaffirming our existing 2020 operating earnings guidance range of $4.25 to $4.45 per share. We've also updated our five-year capital plan from $33 billion to $35 billion to include the North Central wind projects and are reaffirming our long-term growth rate of 5% to 7%," Akins said.

EARNINGS GUIDANCE

AEP management reaffirmed its 2020 operating earnings guidance range to $4.25 to $4.45 per share. Operating earnings could differ from GAAP earnings for matters such as impairments, divestitures or changes in accounting principles. AEP management is not able to forecast if any of these items will occur or any amounts that may be reported for future periods. Therefore, AEP is not able to provide a corresponding GAAP equivalent for earnings guidance.

Reflecting special items recorded through the second quarter, the estimated earnings per share on a GAAP basis would be $4.20 to $4.40 per share. See the table below for a full reconciliation of 2020 earnings guidance.

WEBCAST

AEP's quarterly discussion with financial analysts and investors will be broadcast live over the internet at 9 a.m. Eastern today at http://www.aep.com/webcasts. The webcast will include audio of the discussion and visuals of charts and graphics referred to by AEP management. The charts and graphics will be available for download at http://www.aep.com/webcasts.

AEP's earnings are prepared in accordance with accounting principles generally accepted in the United States and represent the company's earnings as reported to the Securities and Exchange Commission. The company's operating earnings, a non-GAAP measure representing GAAP earnings excluding special items as described in the news release and charts, provide another representation for investors to evaluate the performance of the company's ongoing business activities. AEP uses operating earnings as the primary performance measurement when communicating with analysts and investors regarding its earnings outlook and results. The company uses operating earnings data internally to measure performance against budget, to report to AEP's Board of Directors and also as an input in determining performance-based compensation under the company's employee incentive compensation plans.

American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers. AEP's approximately 17,400 employees operate and maintain the nation's largest electricity transmission system and more than 221,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.5 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 30,000 megawatts of diverse generating capacity, including more than 5,200 megawatts of renewable energy. AEP's family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners, and AEP Renewables, which provide innovative competitive energy solutions nationwide. For more information, visit aep.com.

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SOURCE American Electric Power

COLUMBUS, Ohio, Aug. 3, 2020 /PRNewswire/ -- AEP Energy Partners (AEPEP), a subsidiary of American Electric Power Company (NYSE: AEP), is seeking proposals for off-take from new solar and new or repowered wind facilities located in PJM.

The company is seeking renewable energy purchase agreements of 10, 12 or 15 years for facilities that begin operation between 2020 and 2023. Proposals with alternative terms will be accepted. Accepted bids will be at AEPEP's discretion.

AEPEP will use the contracted offtake to support the company's growing retail and wholesale loads in PJM, including the executed long-term retail supply agreement with Google LLC and the Columbus Regional Airport Authority.

Notice of intent to bid must be received by AEPEP by Thursday, Aug. 13, 2020. Proposal packages are due no later than noon ET, Friday, Aug. 28, 2020 and should be submitted by e-mail to beduckworth@aepes.com. Complete details about the Requests for Proposals are available at http://aep.com/rfp or by calling Ben Duckworth at (614) 583-7453.

American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers. AEP's approximately 17,400 employees operate and maintain the nation's largest electricity transmission system and more than 221,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.5 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 30,000 megawatts of diverse generating capacity, including more than 5,200 megawatts of renewable energy. AEP's family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners, and AEP Renewables, which provide innovative competitive energy solutions nationwide. For more information, visit aep.com.

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SOURCE American Electric Power

COLUMBUS, Ohio, July 30, 2020 /PRNewswire/ -- American Electric Power (NYSE: AEP) has scheduled a quarterly earnings conference call with financial analysts at 9 a.m. ET Thursday, Aug. 6. The call will be broadcast live over the internet at http://www.aep.com/webcasts.

The webcast will include audio of the call as well as visuals of charts and graphics referred to by AEP management during the call. 

The call will be archived on http://www.aep.com/webcasts for use by those unable to listen to the live webcast.

American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers. AEP's approximately 17,400 employees operate and maintain the nation's largest electricity transmission system and more than 221,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.5 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 30,000 megawatts of diverse generating capacity, including more than 5,200 megawatts of renewable energy. AEP's family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners, and AEP Renewables, which provide innovative competitive energy solutions nationwide. For more information, visit aep.com.

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SOURCE American Electric Power

COLUMBUS, Ohio, July 28, 2020 /PRNewswire/ -- American Electric Power (NYSE: AEP) has been named one of America's Best Employers for Women by Forbes and Statista. The company is one of 300 organizations identified as being well-liked by female employees.

The list is based on an independent survey from a sample of 75,000 U.S. employees working for companies employing at least 1,000 people in their U.S. operations. Forbes and Statista also considered the diversity of executive leadership roles within candidate companies.

"Building an inclusive workforce is a key part of AEP's mission and culture," said Nicholas K. Akins, AEP chairman, president and chief executive officer. "We're proud to be recognized for creating a positive work environment for women, and we'll continue our efforts to attract diverse talent who can bring new ideas and perspectives to better serve our customers and communities."

AEP also was included for the second consecutive year in the 2019 Bloomberg Gender-Equality Index for its commitment to gender reporting and advancing women's equality. AEP is a member of Paradigm for Parity®, a coalition of employers committed to promoting gender parity, and a signatory of the CEO Action for Diversity & Inclusion pledge.

Learn more about AEP's efforts to create a more diverse, inclusive workforce.

American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers. AEP's approximately 17,400 employees operate and maintain the nation's largest electricity transmission system and more than 221,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.5 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 30,000 megawatts of diverse generating capacity, including more than 5,200 megawatts of renewable energy. AEP's family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners, and AEP Renewables, which provide innovative competitive energy solutions nationwide. For more information, visit aep.com.

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SOURCE American Electric Power

COLUMBUS, Ohio, July 27, 2020 /PRNewswire/ -- Nicholas K. Akins, American Electric Power (NYSE: AEP) Chairman, President and Chief Executive Officer, issued the following statement today regarding the investigation surrounding Ohio House Bill 6.

"I want to be clear that as the investigation of the activities surrounding House Bill 6 continues, none of the alleged wrongful conduct in the criminal complaint involves AEP or its subsidiaries. We engaged and participated in the legislative process surrounding H.B. 6 legally and ethically. To date, we have not been contacted by the authorities conducting the investigation, but if at any point we are, we will cooperate fully and transparently," Akins said.

"Neither AEP nor any of its subsidiaries made any contributions to Generation Now. AEP has made contributions to Empowering Ohio's Economy to support its mission of promoting economic and business development and educational programs in Ohio. These contributions were done appropriately, and we have every reason to believe that the organizations we support have acted in a lawful and ethical manner," Akins added.

AEP, its affiliated political action committees and AEP executives actively participate in the political process in accordance with local, state and federal laws in the states we serve. Political contributions made by AEP are disclosed in the company's Corporate Accountability Report. AEP has contributed to a variety of 501(c)(4) social welfare organizations to promote economic development and educational programs across our service territories.

American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers. AEP's approximately 17,400 employees operate and maintain the nation's largest electricity transmission system and more than 221,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.5 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 30,000 megawatts of diverse generating capacity, including more than 5,200 megawatts of renewable energy. AEP's family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners, and AEP Renewables, which provide innovative competitive energy solutions nationwide. For more information, visit aep.com.

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SOURCE American Electric Power

COLUMBUS, Ohio, July 21, 2020 /PRNewswire/ -- The Board of Directors of American Electric Power Co. (NYSE: AEP) today declared a regular quarterly cash dividend of 70 cents a share on the company's common stock.

The dividend is payable Sept. 10, 2020, to shareholders of record as of August 10, 2020, and is the company's 441st consecutive quarterly common stock cash dividend. AEP has paid a cash dividend on its common stock every quarter since July 1910.

American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers. AEP's approximately 17,400 employees operate and maintain the nation's largest electricity transmission system and more than 221,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.5 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 30,000 megawatts of diverse generating capacity, including more than 5,200 megawatts of renewable energy. AEP's family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners, and AEP Renewables, which provide innovative competitive energy solutions nationwide. For more information, visit aep.com.

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SOURCE American Electric Power

COLUMBUS, Ohio, July 15, 2020 /PRNewswire/ -- American Electric Power (NYSE: AEP) has been named a Best Place to Work for Disability Inclusion for the fifth year in a row.

The recognition was announced today by Disability:IN and the American Association of People with Disabilities, which conduct the Disability Equality Index^®  (DEI), a national benchmarking tool that offers businesses the opportunity to self-report disability inclusion policies and practices. The 2020 DEI survey evaluates cultural factors, leadership, community engagement, support services and workplace policies that promote accessibility. AEP was one of 247 surveyed companies.

"AEP is proud to receive another score of '100' for this year's DEI index and to be recognized for our ongoing efforts to create an inclusive work culture," said Nicholas K. Akins, AEP chairman, president and chief executive officer. "As we continue creating the workforce of the future, we look forward to further building upon our progress to ensure all employees – including those with disabilities – feel supported and valued."

AEP supports accessibility for employees primarily through workplace accommodations and promoting and funding the activities of ADAPT (Abled and Disabled Allies Partnering Together), which is one of AEP's eight employee resource groups. ADAPT facilitates networking for employees and contractors with disabilities and their allies, while also assisting in recruiting and accommodating employees with disabilities. 

Learn more about AEP's efforts to create a more diverse, inclusive workforce.

American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers. AEP's approximately 17,400 employees operate and maintain the nation's largest electricity transmission system and more than 221,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.5 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 31,000 megawatts of diverse generating capacity, including more than 5,200 megawatts of renewable energy. AEP's family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners, and AEP Renewables, which provide innovative competitive energy solutions nationwide. For more information, visit aep.com.

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SOURCE American Electric Power

COLUMBUS, Ohio, July 2, 2020 /PRNewswire/ -- While the Public Utility Commission of Texas today denied approval of Southwestern Electric Power Co.'s (SWEPCO) plan to add 309 megawatts (MW) of wind energy to serve Texas customers, American Electric Power (NYSE: AEP) has received the other regulatory approvals needed to acquire the entire planned 1,485 MW of North Central wind generation. AEP is investing approximately $2 billion to bring new renewable energy to Public Service Company of Oklahoma (PSO) customers and SWEPCO customers in Arkansas and Louisiana.

"We are disappointed that our SWEPCO customers in Texas will not be able to benefit from the low-cost wind energy the North Central projects will provide," said Nicholas K. Akins, AEP chairman, president and chief executive officer. "The regulatory approvals we have received in Arkansas, Louisiana, Oklahoma and at the Federal Energy Regulatory Commission will allow us to move ahead with the North Central wind projects at full scale, saving our customers in those states approximately $3 billion over the next 30 years. As we transition to a clean energy future, our investment in the North Central wind projects supports economic and business development in our communities and will help our customers meet their renewable energy goals."

North Central includes three wind generation facilities located in north central Oklahoma. AEP's SWEPCO and PSO operating units announced July 15, 2019, that they would seek regulatory approvals to purchase the three wind projects. The projects are expected to be completed over the course of the next two years.

The Arkansas and Louisiana Public Service Commissions approved the projects in May, and PSO received approval from the Oklahoma Corporation Commission in February. The Federal Energy Regulatory Commission also approved the acquisitions in February.

PSO will acquire 675 MW of the North Central wind projects to serve its customers in Oklahoma. The Arkansas and Louisiana commissions approved options to increase their allocations of wind energy if another state did not approve the projects. With these options, an estimated 464 MW will be allocated to Louisiana and 268 MW to Arkansas, while wholesale customers will benefit from 78 MW for a total of 810 MW that will serve SWEPCO's customers.

AEP continues to make significant investments in renewable energy to serve its customers. The company's regulated integrated resource plans call for the addition of more than 8,000 MW of wind and solar, including North Central, and 1,600 MW of natural gas between 2020 and 2030.

American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers. AEP's approximately 17,400 employees operate and maintain the nation's largest electricity transmission system and more than 221,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.5 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 31,000 megawatts of diverse generating capacity, including more than 5,200 megawatts of renewable energy. AEP's family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners, and AEP Renewables, which provide innovative competitive energy solutions nationwide. For more information, visit aep.com.

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SOURCE American Electric Power

COLUMBUS, Ohio, July 1, 2020 /PRNewswire/ -- American Electric Power's (NYSE: AEP) AEP Energy subsidiary has signed a long-term power purchase agreement with an affiliate of Copenhagen Infrastructure Partners (CIP) for the output of 400 megawatt (MW) of renewable energy from Panther Grove Wind Energy Facility in Woodford County, Illinois.  

Construction of Panther Grove is scheduled to begin in early 2021, with commercial operation expected in late 2022.

AEP Energy will use the power from Panther Grove to serve customers, such as Google, who want clean energy for their retail supply. The Panther Grove project will contribute renewable power for Google's New Albany, Ohio, data center, which AEP Energy will supply and match their load on an annual basis with 100% renewable energy from new resources.

"AEP Energy is focused on providing customers with integrated, carbon-free energy supplies that deliver long-term price stability and environmental benefits. Agreements like the one with CIP demonstrate the innovative energy solutions we can put in place to help our customers power their homes and businesses with clean, reliable energy," said Greg Hall, president, AEP Energy.

AEP Energy, a subsidiary of American Electric Power (NYSE: AEP), is a certified competitive retail electricity and natural gas supply provider operating in 28 service territories in six states and Washington, D.C. AEP Energy supplies electricity and natural gas solutions for over 500,000 residential and business customers and takes pride in making it easy for customers to buy, manage and use energy. Based in Columbus, Ohio and Chicago, Illinois, AEP Energy is committed to excellence by delivering value, innovative energy solutions and excellent customer service.

American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers. AEP's approximately 17,400 employees operate and maintain the nation's largest electricity transmission system and more than 221,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.5 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 31,000 megawatts of diverse generating capacity, including more than 5,200 megawatts of renewable generation. AEP's family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners, and AEP Renewables, which provide innovative competitive energy solutions nationwide.

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SOURCE American Electric Power

COLUMBUS, Ohio, June 30, 2020 /PRNewswire/ -- Cardinal Operating Company (COC) on behalf of AEP Generation Resources Inc. (AEPGR), an unregulated wholly owned subsidiary of AEP Energy Supply, LLC, is seeking bids for the supply of coal to Cardinal Power Plant Units 1, 2, and 3. AEP Energy Supply, LLC, which owns Cardinal Unit 1, is a wholly owned subsidiary of American Electric Power (NYSE: AEP), and Buckeye Power, Inc. (BPI), which owns Cardinal Units 2 and 3, is a corporation not for profit organized and existing under the laws of the state of Ohio and engaged in the generation and transmission of electric energy in Ohio for distribution and use by its membership.

Proposals for spot coal are being sought for delivery beginning Q4 2020 and lasting up to 3 months. Proposals for term coal are being sought for delivery beginning Q1 2021 and lasting up to 3 years. AEPGR and/or BPI may choose to individually transact on a specific year, or years, contained within a term proposal. Delivery via FOB Barge and/or FOB Truck Cardinal Plant.

Proposal packages must be received no later than 5 p.m., Monday, July 13, 2020. Proposals can be submitted by e-mail to jdhenry@aepes.com, or delivered in an envelope marked "COC RFP- COAL PROPOSAL" to COC RFP- COAL PROPOSAL, Attn: Jim Henry, AEP Energy Supply, 1187 Sleeping Meadow Drive, New Albany, OH, 43054. Proposals are to be kept open for acceptance by AEPGR and/or BPI until 5 p.m., Friday, August 14, 2020.

Complete details about the Requests for Proposals are available at www.aep.com/go/coaloffers.

American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers. AEP's approximately 17,400 employees operate and maintain the nation's largest electricity transmission system and more than 221,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.5 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 31,000 megawatts of diverse generating capacity, including more than 5,200 megawatts of renewable energy. AEP's family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners, and AEP Renewables, which provide innovative competitive energy solutions nationwide. For more information, visit aep.com.

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SOURCE American Electric Power

COLUMBUS, Ohio, June 15, 2020 /PRNewswire/ -- American Electric Power (NYSE: AEP) has named Michael Deggendorf vice president of Transmission Asset Strategy and Policy. Deggendorf succeeds Daniel Rogier, who is retiring later this year after four decades with the company. Deggendorf began his new role April 20, 2020.

Deggendorf is responsible for the regulatory and finance functions for AEP's multi-billion transmission investment in its transcos, operating companies and joint ventures. He oversees all Regional Transmission Organization (RTO), Federal Energy Regulatory Commission (FERC), state regulatory and strategic matters related to AEP Transmission and leads transmission project siting, outreach, and right-of-way acquisition. He reports to Antonio Smyth, senior vice president of Transmission Ventures, Strategy and Policy.

"During his 40-year career with AEP, Dan has been an invaluable asset and leader. We're grateful for his important contributions to the company and our industry over the years, and we wish him the best in his well-deserved retirement," Smyth said. "We're fortunate to have Mike join AEP Transmission leadership and welcome his insights and experience as we continue building the energy grid of the future."

Deggendorf is an industry veteran with more than 30 years of experience in the energy and telecommunication industries. He was senior vice president at Great Plains Energy and had responsibility for transmission, distribution, major construction projects, customer service, economic development, and other corporate functions throughout his 14-year tenure at the company. He also leads Grid Assurance, a joint venture company offering cost-effective solutions for enhancing transmission grid resilience and faster access to critical transmission equipment following a catastrophe. AEP is a founding partner of Grid Assurance.

Deggendorf holds a bachelor of science degree in business administration from Iowa State University, and he has completed graduate studies at the University of Colorado and the University of Iowa. He is also a graduate of the Advanced Management Program at Harvard University.

Rogier began his career with AEP in 1980 as an electrical engineer. He has held leadership roles in transmission, generation, distribution, customer service, and information technology and played a pivotal role in the creation of AEP Charge, the company's digital hub, in 2018 and the 21st Century Technology Model in 2019.

American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers. AEP's approximately 17,400 employees operate and maintain the nation's largest electricity transmission system and more than 221,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.5 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 31,000 megawatts of diverse generating capacity, including more than 5,200 megawatts of renewable energy. AEP's family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners, and AEP Renewables, which provide innovative competitive energy solutions nationwide. For more information, visit aep.com.

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SOURCE American Electric Power

COLUMBUS, Ohio, May 27, 2020 /PRNewswire/ -- American Electric Power (NYSE: AEP) has received approvals to enable the company to acquire the entire planned 1,485 megawatts (MW) of wind generation in Oklahoma. AEP will invest approximately $2 billion in this new renewable energy to serve its Southwestern Electric Power Company (SWEPCO) and Public Service Company of Oklahoma (PSO) customers.

The Louisiana Public Service Commission today approved a settlement agreement that authorizes SWEPCO to add 810 MW of wind energy to serve its customers. The Commission approved an option that could increase Louisiana's allocation to an estimated 464 MW from the original 268 MW, if Texas does not also approve the SWEPCO proposal. The Arkansas Public Service Commission also accepted an option to increase its allocation when it approved the project earlier this month. The project remains under regulatory review in Texas, and SWEPCO will continue to seek that approval to allocate some of this renewable energy to benefit its customers in Texas.

PSO received final Oklahoma Corporation Commission approval Feb. 20, 2020, of a settlement agreement to acquire 675 MW of the project. The Federal Energy Regulatory Commission (FERC) also has approved the acquisition.

"Today's decision by the Louisiana Public Service Commission enables us to move forward with the North Central wind projects at full scale and invest in low-cost wind energy to benefit our customers in Arkansas, Louisiana and Oklahoma," said Nicholas K. Akins, AEP chairman, president and chief executive officer. "As AEP continues to add new clean energy to our generation portfolio, this investment is expected to save our customers approximately $3 billion over the next 30 years while supporting economic development in our communities. We will continue to seek approval to provide a share of this renewable energy to our SWEPCO customers in Texas, as we believe the projects offer significant benefits to customers across our SWEPCO footprint."

North Central includes three wind generation facilities located in north central Oklahoma. AEP's SWEPCO and PSO operating units announced July 15, 2019, that they would seek regulatory approvals to purchase the three wind projects. One project is expected to be completed by the end of 2020. The other two projects will be completed by the end of 2021.

AEP continues to make significant investments in renewable energy to serve its customers. The company's regulated integrated resource plans call for the addition of more than 8,000 MW of wind and solar and 1,600 MW of natural gas between 2020 and 2030.

American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers. AEP's approximately 17,400 employees operate and maintain the nation's largest electricity transmission system and more than 221,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.5 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 31,000 megawatts of diverse generating capacity, including more than 5,200 megawatts of renewable energy. AEP's family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners, and AEP Renewables, which provide innovative competitive energy solutions nationwide. For more information, visit aep.com.

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SOURCE American Electric Power

COLUMBUS, Ohio, May 20, 2020 /PRNewswire/ -- American Electric Power (NYSE: AEP) issued its 2020 Corporate Accountability Report, an annual assessment of its performance as a public company and a community partner. This is the 14th year of AEP's report, which details developments in energy and technology, social responsibility, community investments and environmental stewardship.

The report's theme, "Moving Forward Together for a Brighter Future," reflects AEP's goal of delivering clean, reliable and affordable energy, while also providing value to its customers, shareholders and the communities it serves. This year's report also addresses the impact of the COVID-19 pandemic on the company, its employees, customers and communities and details AEP's response to ensure the health and wellness of its workforce and the public, while maintaining critical customer services.

"Energy is an essential service that is life-sustaining and crucial to our nation's health and economic well-being. Our vision for a sustainable energy future is unwavering, and we believe it is more important than ever," said Nicholas K. Akins, AEP chairman, president and chief executive officer, in the report's introduction.

The company continues to reduce its carbon footprint by retiring coal-fired generation units, investing in renewable energy and setting aggressive emissions reduction goals. AEP has cut its carbon dioxide emissions 65% from 2000 levels. The company also is conducting a scenario analysis of how climate-related risks and opportunities may play out under different circumstances. AEP expects to publish the findings by the end of 2020. 

"At AEP, we never have been more certain of our responsibility to ensure a sustainable future for our customers, communities and employees. We will continue to take steps to reduce our carbon footprint, to empower customers and to value and develop our workforce," Akins said.

AEP also enhanced its environmental, social & governance (ESG) disclosure efforts by creating an ESG Data Center that houses relevant metrics. This effort reflects the company's commitment to transparency by proactively sharing data and information about its sustainability goals, strategy and ESG performance.

View the 2020 Corporate Accountability Report and learn more about AEP's sustainable development strategy.

American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers. AEP's approximately 17,400 employees operate and maintain the nation's largest electricity transmission system and more than 221,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.5 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 31,000 megawatts of diverse generating capacity, including more than 5,200 megawatts of renewable energy. AEP's family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners, and AEP Renewables, which provide innovative competitive energy solutions nationwide. For more information, visit aep.com.

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SOURCE American Electric Power

COLUMBUS, Ohio, May 6, 2020 /PRNewswire/ --

American Electric Power (NYSE: AEP) today reported first-quarter 2020 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $495 million or $1.00 per share, compared with $573 million or $1.16 per share in first-quarter 2019. Operating earnings for first-quarter 2020 were $504 million or $1.02 per share, compared with first-quarter 2019 operating earnings of $585 million or $1.19 per share. Operating earnings is a non-GAAP measure representing GAAP earnings excluding special items. The difference between first-quarter 2020 GAAP earnings and operating earnings was due to the mark-to-market impact of economic hedging activities and certain expenses related to the COVID-19 pandemic.

A full reconciliation of GAAP earnings to operating earnings for the quarter is included in the tables at the end of this news release.

"The continued health and safety of our employees, customers and communities has been our priority over the past few months as we've taken steps to ensure critical electric service during the pandemic. Our front line employees are working in smaller teams, practicing physical distancing, wearing facial coverings and taking other preventive measures. We also have nearly 12,000 of our employees working very effectively from home," said Nicholas K. Akins, AEP chairman, president and chief executive officer.

"We temporarily suspended all service disconnections for non-payment and are putting in place longer term plans to help customers keep their accounts in good standing. We also created a team focused on proactively helping small business customers access federal and state loan programs. Additionally, the AEP Foundation has committed nearly $3 million in emergency response funding to support non-profit organizations across our service area," Akins said.

"Our long-term investment strategy to enhance service for our customers and grow our contracted renewables business bolstered earnings for the quarter, despite the negative impacts of warmer than normal weather. Our Transmission Holding Co. business contributed 28 cents per share to earnings in the first quarter, an improvement of 3 cents over the first quarter last year. Net plant in that business increased by 18% since March 2019, primarily to address aging infrastructure.  

"We continue to make progress on our $2 billion North Central wind projects and will proceed with that acquisition when approvals are complete. We have approvals from Arkansas, Oklahoma and FERC and expect to receive decisions on our settlement in Louisiana as well as a final order from Texas in the coming months," Akins said.  

"Our load projections for the year have been revised based on the economic impacts of the pandemic. We now expect residential load to grow by 3% for the year, but we are anticipating commercial and industrial load declines of 6% and 8%, respectively. In response, we've cut our planned operating and maintenance expense by $100 million. In addition, we are shifting $500 million of our planned 2020 capital spending to future years to support our credit metrics. We still plan to invest $33 billion in capital over the next five years, exclusive of the North Central wind projects.

"Based on unfavorable weather in the first quarter, our updated load forecast and the actions we have taken, we expect to be in the lower half of our existing 2020 operating earnings guidance range of $4.25 to $4.45 per share," Akins said.

EARNINGS GUIDANCE

AEP management reaffirmed its 2020 operating earnings guidance range of $4.25 to $4.45 per share. Operating earnings could differ from GAAP earnings for matters such as impairments, divestitures or changes in accounting principles. AEP management is not able to forecast if any of these items will occur or any amounts that may be reported for future periods. Therefore, AEP is not able to provide a corresponding GAAP equivalent for earnings guidance.

Reflecting special items recorded through the first quarter, the estimated earnings per share on a GAAP basis would be $4.23 to $4.43 per share. See the table below for a full reconciliation of 2020 earnings guidance.  

WEBCAST

AEP's quarterly discussion with financial analysts and investors will be broadcast live over the internet at 9 a.m. Eastern today at http://www.aep.com/webcasts. The webcast will include audio of the discussion and visuals of charts and graphics referred to by AEP management. The charts and graphics will be available for download at http://www.aep.com/webcasts.

AEP's earnings are prepared in accordance with accounting principles generally accepted in the United States and represent the company's earnings as reported to the Securities and Exchange Commission. The company's operating earnings, a non-GAAP measure representing GAAP earnings excluding special items as described in the news release and charts, provide another representation for investors to evaluate the performance of the company's ongoing business activities. AEP uses operating earnings as the primary performance measurement when communicating with analysts and investors regarding its earnings outlook and results. The company uses operating earnings data internally to measure performance against budget, to report to AEP's Board of Directors and also as an input in determining performance-based compensation under the company's employee incentive compensation plans.

American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers. AEP's approximately 17,400 employees operate and maintain the nation's largest electricity transmission system and more than 221,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.5 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 31,000 megawatts of diverse generating capacity, including more than 5,200 megawatts of renewable energy. AEP's family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners, and AEP Renewables, which provide innovative competitive energy solutions nationwide. For more information, visit aep.com.

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This report made by American Electric Power and its Registrant Subsidiaries contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Although AEP and each of its Registrant Subsidiaries believe that their expectations are based on reasonable assumptions, any such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are: changes in economic conditions, electric market demand and demographic patterns in AEP service territories; the impact of pandemics, including COVID-19, and any associated disruption of AEP's business operations due to impacts on economic or market conditions, electricity usage, employees, customers, service providers, vendors and suppliers; inflationary or deflationary interest rate trends; volatility in the financial markets, particularly developments affecting the availability or cost of capital to finance new capital projects and refinance existing debt; the availability and cost of funds to finance working capital and capital needs, particularly during periods when the time lag between incurring costs and recovery is long and the costs are material; decreased demand for electricity; weather conditions, including storms and drought conditions, and AEP's ability to recover significant storm restoration costs; the cost of fuel and its transportation, the creditworthiness and performance of fuel suppliers and transporters and the cost of storing and disposing of used fuel, including coal ash and spent nuclear fuel; the availability of fuel and necessary generation capacity and the performance of AEP's generation plants; AEP's ability to recover fuel and other energy costs through regulated or competitive electric rates; AEP's ability to build or acquire renewable generation, transmission lines and facilities (including the ability to obtain any necessary regulatory approvals and permits) when needed at acceptable prices and terms and to recover those costs; new legislation, litigation and government regulation, including oversight of nuclear generation, energy commodity trading and new or heightened requirements for reduced emissions of sulfur, nitrogen, mercury, carbon, soot or particulate matter and other substances that could impact the continued operation, cost recovery, and/or profitability of AEP's generation plants and related assets; evolving public perception of the risks associated with fuels used before, during and after the generation of electricity, including coal ash and nuclear fuel; timing and resolution of pending and future rate cases, negotiations and other regulatory decisions, including rate or other recovery of new investments in generation, distribution and transmission service and environmental compliance; resolution of litigation; AEP's ability to constrain operation and maintenance costs; prices and demand for power generated and sold at wholesale; changes in technology, particularly with respect to energy storage and new, developing, alternative or distributed sources of generation; AEP's ability to recover through rates any remaining unrecovered investment in generation units that may be retired before the end of their previously projected useful lives; volatility and changes in markets for coal and other energy-related commodities, particularly changes in the price of natural gas; changes in utility regulation and the allocation of costs within regional transmission organizations, including ERCOT, PJM and SPP; changes in the creditworthiness of the counterparties with whom AEP has contractual arrangements, including participants in the energy trading market; actions of rating agencies, including changes in the ratings of AEP debt; the impact of volatility in the capital markets on the value of the investments held by AEP's pension, OPEB, captive insurance entity and nuclear decommissioning trust and the impact of such volatility on future funding requirements; accounting standards periodically issued by accounting standard-setting bodies; other risks and unforeseen events, including wars, the effects of terrorism (including increased security costs), embargoes, naturally occurring and human-caused fires, cyber security threats and other catastrophic events; and the ability to attract and retain the requisite work force and key personnel.

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